Home Equity

Refinancing your home in 2011 may be just the thing to do as mortgage rates hit an all-time low last year. The popular 30-year fixed-rate mortgage fell to 4.19 percent in early October, but has since risen to 4.74 percent, according to figures from mortgage financier Freddie Mac.

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With house prices having quadrupled in the last ten years, home equity line of credit is a route most home owners have used to improve financial flexibility, provide readily available cash reserves for emergencies, or pay for large expenses such as college tuition, that dream holiday or home improvements. Nevertheless, you have to be aware that not all home equity line of credit offer the same advantages. If you decide that home equity line of credit is best for your situation, what features should you look for?

Here are ten factors to be considered when making your choice:

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Using your home equity line of credit to consolidate credit card debt, buy a new car, jet off to that dream holiday or pay college expenses is common place. Yet, aside from simply allowing consumers to spend more, the flexibility and efficiency of a home equity line of credit (HELOC) can provide the financially smart person with the means to make money, save money or simply take advantage of opportune situations he or she might otherwise miss out on.
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